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Market Review, Commodities, Currencies, Economic & Corporate Update - 26.07.24

Published 2024/07/26, 09:37
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SOUTH AFRICA MARKET REVIEW

  • South African markets closed in the green yesterday, buoyed by gains in consumer staple and banking sector stocks.
  • Food companies, Famous Brands (JO:FBRJ), RFG Holdings (JO:RFGJ), RCL Foods (JO:RCLJ) and Tiger Brands (JO:TBSJ) advanced 4.7%, 1.1%, 0.9% and 0.8%, respectively.
  • Lenders, Standard Bank Group (JO:SBKJ), FirstRand (JO:FSRJ), Nedbank Group (JO:NEDJ) and Absa Group (JO:ABGJ) gained 3.0%, 2.5%, 2.0% and 1.2%, respectively.
  • Pharmaceutical companies, Aspen Pharmacare Holdings (JO:APNJ), Netcare (JO:NTCJ) and Life Healthcare Group (JO:LHCJ) rose 2.3%, 2.2% and 0.9%, respectively.
  • On the flipside, gold miners, Harmony Gold Mining Co. (JO:HARJ), AngloGold Ashanti (JO:ANGJ), Gold Fields (JO:GFIJ) and Sibanye Stillwater (JO:SSWJ) dropped 7.3%, 4.9%, 4.7% and 4.2%, respectively.
  • The JSE All Share index advanced 0.1% to close at 80,678.19.

UK MARKET REVIEW

  • The UK market finished firmer yesterday, buoyed by upbeat British corporate earnings results.
  • Consumer goods company, Unilever (LON:ULVR) jumped 6.2%, after the company reported better than expected profits in 2Q24, driven by resilient pricing.
  • Tobacco company, British American Tobacco (LON:BATS) advanced 5.3%, after the company reported robust profit in 1H24.
  • On the other hand, energy utilities company, Centrica (LON:CNA) plunged 9.9%, after the company reported a drop in its adjusted operating profit in 1H24.
  • Retailers, JD Sports Fashion (LON:JD), J Sainsbury (LON:SBRY) and Marks & Spencer Group (LON:MKS) declined 1.7%, 1.3% and 0.7%, respectively.
  • The FTSE 100 index advanced 0.4% to close at 8,186.35.

US MARKET REVIEW

  • US markets ended mostly lower yesterday, as investors weighed weak corporate earnings data along with political and economic uncertainties.
  • Automobile company. Ford Motor (NYSE:F) plunged 18.4%, after the company reported lower than expected adjusted profits in 2Q24.
  • Technology companies, Microsoft Corporation (NASDAQ:MSFT), Intel Corporation (NASDAQ:INTC) and Nvidia Corporation (NASDAQ:NVDA) dropped 2.5%, 1.9% and 1.7%, respectively.
  • On the contrary, technology company, International Business Machines (NYSE:IBM) advanced 4.3%, after the company reported upbeat results in 2Q24 and raised its annual growth forecast for software business.
  • The S&P 500 index fell 0.5% to settle at 5,399.22, while the DJIA index advanced 0.2% to close at 39,935.07.
  • The NASDAQ index eased 0.9% to end the trading session at 17,181.72.

ASIA MARKET REVIEW

  • Asian markets are trading mostly higher this morning.
  • In Japan, consumer electronics company, Hitachi (TYO:6501) has advanced 3.1%.
  • On the flipside, automobile company, Nissan Motor (TYO:7201) has declined 2.9%.
  • In Hong Kong, insurance company, AIA Group (HK:1299) has gained 2.3%.
  • On the other hand, internet technology company, NetEase (NASDAQ:NTES) has shed 1.7%.
  • In South Korea, logistics company, Dongbang Transport Logistics (KS:004140) has surged 10.4%.
  • On the contrary, pharmaceutical company, Kukje Pharma (KS:002720) Co., has dropped 5.1%.
  • The Nikkei 225 index is trading 0.5% higher at 38,057.61.
  • The Hang Seng index has eased 0.1% to trade at 16,986.52, while the Kospi index is trading 0.7% higher at 2,729.13.

COMMODITIES

  • At 05:30 SAST today, Brent prices rose 0.3% to trade at $82.64/bl.
  • Yesterday, Brent prices rose 0.8% to settle at $82.37/bl, as strong US economic data raised expectations for higher crude demand.
  • At 05:30 SAST today, gold prices advanced 0.4% to trade at $2,375.10/oz. Yesterday, gold declined 1.4% to close at $2,364.50/oz, as investors engaged in profit-taking after a recent rally.
  • Yesterday, copper declined 0.2% to close at $9,003.35/mt. Aluminium closed 1.3% lower at $2,274.50/mt.

CURRENCIES

  • Yesterday, the South African rand weakened against the US dollar. In South Africa, the producer price index (PPI) declined in June. In the US, economy grew more strongly than expected in 2Q24. Meanwhile, the number of people filing for initial jobless claims dropped in the week ended 19 July 2024. Moreover, the Kansas Fed manufacturing activity index fell in July. Also, durable goods orders unexpectedly dropped in June.
  • The yield on benchmark government bonds were unchanged yesterday. The yield on the 2030 bond stood at 9.41%, while that for the longer-dated 2040 issue stood at 11.45%.
  • At 05:30 SAST, the US dollar is trading 0.2% lower against the South African rand at R18.3231, while the euro is trading 0.1% lower at R19.8892. At 05:30 SAST, the British pound has declined 0.1% against the South African rand to trade at R23.5644.
  • Yesterday, the euro advanced against most of the major currencies. In Germany, the Ifo Business Climate Index unexpectedly fell to a five-month low in July.
  • At 05:30 SAST, the euro advanced 0.1% against the US dollar to trade at $1.0858, while it has marginally gained against the British pound to trade at GBP0.8442.

ECONOMIC UPDATES

  • In South Africa, the producer price index (PPI) dropped 0.3% on a MoM basis in June, compared to a rise of 0.1% recorded in the prior month.
  • In Germany, the Ifo business climate index unexpectedly fell to a level of 87.00 in July, compared to a level of 88.60 recorded in the prior month.
  • In Germany, the Ifo current assessment index unexpectedly dropped to a level of 87.10 in July, compared to a level of 88.30 recorded in the prior month.
  • In Germany, the Ifo business expectations index unexpectedly declined to a level of 86.90 in July, compared to a revised level of 88.80 recorded in the prior month.
  • In the US, durable goods orders unexpectedly dropped 6.6% in June, compared to a rise of 0.1% recorded in the previous month.
  • In the US, annualized gross domestic product (GDP) rose 2.8% in 2Q24, more than market expectations for a rise of 2.0%. Annualized GDP had recorded a rise of 1.4% in the previous quarter.
  • In the US, initial jobless claims eased to a level of 235.00K in the week ended 19 July 2024, compared to a level of 243.00K recorded in the prior week.
  • In the US, the Kansas Fed manufacturing activity index dropped to a level of -12.00 in July, compared to a level of -11.00 recorded in the previous month.
  • In Japan, the consumer price index (CPI) advanced 2.2% on a YoY basis in July, compared to 2.3% recorded in the prior month.

CORPORATE UPDATES

SOUTH AFRICA

  • Anglo American Plc (JO:AGLJ): The mining company, in its 1H24 results, reported that revenues fell to $14.46bn from $15.67bn posted in the corresponding period of the previous year. Its diluted loss per share stood at $0.55, compared with an EPS of $1.03 recorded in the corresponding period of the previous year.
  •  
  • Hammerson Plc (JO:HMNJ): The real estate investment trust company, in its 1H24 results, reported that revenues declined 14.0% from the same period of the preceding year to GBP59.40mn. Its basic and diluted loss per share stood at 10.40c.

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